Under the provision of a fund established by the Gilman Foundation of New York City, benefits-eligible faculty and salaried employees may borrow, at no interest and without security, up to $2,000 to assist them in meeting temporary financial problems. Priority is given to emergency situations and the loan is repaid within a one-year period using payroll deductions. Repayment must be made within a twelve-month period through payroll deductions; e.g., for a $2000 loan, the minimum repayment is $166.67 based on 12 deductions.
Once approved, there is a two (2) year wait before the employee can apply for another loan.
To apply, the Gilman Loan Fund application must be completed and submitted in person to the Benefits Office. The employee will need to present in person a picture ID (employee ID card, picture license, or passport) at the time the application is submitted. The application may not be processed without review of ID, therefore applications can no longer be submitted via the mail, fax, or electronically.
Applications will be reviewed to make sure the employee is eligible to take the loan. Approved loans are granted on a first come/first served basis as money is available. Total application processing time is 10 to 12 days.
The employee will be notified as soon as the loan check is available. It is necessary for the employee to sign a promissory note, an acknowledgement of receipt of the loan, and present ID (employee ID card, picture license, or passport) when picking up the check in the Human Resources Office.
If you have questions, please contact the Benefits Office at (603) 646-3588.
Last Updated: 11/22/11